Netflix Axes New Shows Following Massive Subscriber Loss

Netflix has cancelled the production of a number of new shows as they faced their first decline in more than 10 years. The streaming service’s shares fell by almost 40 percent after they lost a massive number of subscribers.

Netflix – Loses A Whooping 200,000 Subscribers And Is Set To Lose More

For more than a decade, Netflix’s subscriber base has remained strong and steadily growing, which made the platform unprepared to deal with the loss of 200,000 subscribers. It is predicted that the platform would have lost over a million by the time June comes around.

Per the media outlet The Wrap, adaptations of Roald Dahl’s lesser known work The Twits, Jeff Smith’s comic books series Bone and Lauren Faust’s Toil and Trouble, have all been dropped by Netflix.

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Feature film Bright 2, featuring Oscar winning actor Will Smith, has been binned as well, though reportedly for a different reason. Apart from cancelling numerous upcoming productions, Netflix further changed out its personnel to cope with the loss. Phil Rynda, Netflix’s Director of Creative Leadership and Development for Original Animation, has been fired.

To protect the platform from continuing losses and rake in more profits, Netflix announced that it would be cracking down on password sharing. There are also talks about including additional charges.

This Is Us Recap 04/26/22: Season 6 Episode 14 "The Night Before The Wedding" #ThisIsUs #ThisIsUsNBChttps://t.co/1xyV6ZQSCD

— SOS/CTS/HH (@SoapOperaSpy) April 27, 2022

The company has had to put up with millions of people around the world sharing passwords, but a dip in new customers and their massive stock drop has forced it to rethink its internal structure.

Originally founded by Reed Hastings and Marc Randolph in 1997 as a DVD-by-mail service, the company turned to streaming in 2007. So far, they have been able to draw in over 220 million subscribers – making them the largest subscription-based streaming service and one of the instigators of the cord-cutting movement.

Netflix started imposing its new “password sharing fees” by launching the test in Central America. Variety reported that members are asked to verify accounts outside of their home in order to stop customers from getting freebies.

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